Hall Structured Finance Lends $43M on Nashville Holiday Inn Express
SiLa Development has landed a $43.1 million first-lien construction loan to finance the development of an eight-story, 184-room Holiday Inn Express in Nashville, Tenn., Commercial Observer has learned.
Hall Structured Finance (HSF) provided the loan. Mag Mile Capital‘s Francisco Nacorda sourced the financing for the project.
“We are excited to be able to provide financing for this project given Nashville’s growth dynamics and the continued need for new lodging options,” Donald Braun, president of HSF, said in prepared remarks. “This hotel will serve both business and leisure travelers given its central location near multiple employers and other demand drivers in Nashville’s Midtown neighborhood. We look forward to seeing it begin construction next month.”
Located at 2221 Elliston Place, the hotel is expected to open in March 2024 and will be managed by Triumph Hospitality. Amenities at the hotel will include an outdoor infinity edge swimming pool, a fitness center, a meeting room, a convenience market, a breakfast area and a business center.
“SiLa Developments is excited to position this asset on the historic Rock Block of Nashville,” Jay Patel, principal of SiLa Developments, said in prepared remarks. “We are eager to deliver an exceptional asset that will create meaningful opportunities and positively impact our team and community. Collaborating with Hall Structured Finance has made the process impactful and easy. We are motivated to begin construction and deliver this exceptional asset to the Midtown/Vanderbilt market.”
This is the fifth loan that HSF has closed within the last month. The company expects to complete over $1 billion in new construction and bridge loans in 2022, largely targeting the multifamily and hotel sectors, according to a release.
Emily Fu can be reached at efu@commercialobserver.com.
